• Bitcoin(BTC)$70,351.00
  • Ethereum(ETH)$2,517.22
  • Tether(USDT)$1.00
  • BNB(BNB)$576.15
  • Solana(SOL)$168.69
  • USDC(USDC)$1.00
  • XRP(XRP)$0.51
  • Lido Staked Ether(STETH)$2,516.69
  • Dogecoin(DOGE)$0.161786
  • TRON(TRX)$0.168046

Bitcoin started a downside correction from the $10,500 area against the US Dollar. BTC declined below $10,200, but it is still holding the key 100 hourly SMA. Bitcoin price failed to climb above $10,500 and corrected lower against the US Dollar.
There was a sharp dip below the $10,200 level before the bulls protected the 100 hourly SMA.
There is a key contracting triangle forming with resistance near $10,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could either rally again above $10,300 or it might extend its decline below the $10,100 support. Bitcoin Holding Key Support
Recently, bitcoin made another attempt to climb above the $10,500 resistance area against the US Dollar. However, BTC price failed to continue higher and formed a short term top near $10,519.
Later, there was a downside correction below the $10,400 level. Moreover, yesterday’s ascending channel with support near $10,360 was breached on the hourly chart of the BTC/USD pair. Bitcoin Price
It opened the doors for more losses and the price spiked below the $10,200 support. It traded close to the $10,000 level, but the 100 hourly simple moving average acted as a strong buy zone.
A swing low is formed near the $10,057 and the price is currently consolidating in a range. Bitcoin recovered above the 23.6% Fib retracement level of the recent drop from the $10,519 high to $10,057 low.
More importantly, there is a key contracting triangle forming with resistance near $10,290 on the same chart. On the downside, the triangle support is near the $10,180 level.
The main support on the downside is near the $10,100 level, below which the price could continue to move down. In the mentioned case, the price is likely to revisit the $9,890 support area in the near term.
Fresh Rally?
On the upside, the triangle resistance is close to the 50% Fib retracement level of the recent drop from the $10,519 high to $10,057 low.
Therefore, an upside break above the $10,300 level might accelerate gains in bitcoin in the coming sessions. Having said that, the bulls need to push the price above the $10,325 level to revisit the $10,500 resistance.
Finally, a convincing break above the $10,500 level is likely to set the momentum for a run towards the $11,000 level.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently struggling to stay above the 50 level.
Major Support Levels – $10,200 followed by $10,100.
Major Resistance Levels – $10,300, $10,400 and $10,500. Source: NewsBTC.com

Crypto Investing Risk Warning

Crypto assets are highly volatile. Your capital is at risk.
Don’t invest unless you’re prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Read the full disclaimer

Get News
Every Morning

The latest news about blockchain and cryptocurrencies on your inbox.

Check your inbox or spam folder to confirm your subscription.

Breaking crypto news about Bitcoin, Ethereum, Blockchain, NFTs, DeFi and Altcoins. Get instant notifications 24/7 as soon as a new article is published.

Exit mobile version